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Moodyʼs upgrades deposit ratings of Erste Bank Hungary

Moodyʼs Investors Service has upgraded Erste Bank Hungaryʼs long-and short-term local-currency deposit ratings to Baa3/Prime-3 from Baa2/Prime-2.

The outlook on the ratings remains positive. Moodyʼs also on Friday affirmed Erste Bank Hungaryʼs Baa3/Prime-3 long-and short-term foreign-currency deposit ratings, maintaining a stable outlook on the ratings, national news agency MTI reported.

The ratings agency upgraded the bankʼs baseline credit assessment from b1 to ba3. It affirmed Erste Bank Hungaryʼs long-and short-term Counterparty Risk Assessment at Baa2(cr)/Prime-2(cr).

"The rating action was prompted by Erste-Hunʼs improving credit fundamentals following balance sheet clean up and resumed lending on the back of Hungaryʼs supportive operating environment," Moodyʼs said in a press release sent to the Budapest Business Journal..